SETE Brasil, the rig-chartering entity conceived by Petrobras, is attempting a restructuring process that will determine the survival, or otherwise, of Brazil’s ambitious domestic rig-building programme.
The original project called for the construction of 23 drillships and six semi-submersible rigs designed to meet Petrobras’ needs in the ultra-deepwater pre-salt fields.
The project was also intended to provide critical mass for a massive upgrade in Brazilian shipyard capacity, with staggered construction schedules and local content set at 55% for rigs to be delivered in 2015 and 2016, 60% for rigs to be delivered in 2017 and the first half of 2018, and 65% for rigs to be completed after 2018.
The
